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Welcome to the finance update for the week ending 22 April, 2023.
Interesting news released on Thursday with the federal government announcing that it intends to implement all 51 recommendations of the just completed review into the RBA. Many ‘experts’ have questioned the actions of the RBA in recent times, but like with so many things in life, the so called ‘experts’ don’t always agree on what is the right or wrong course of action.
In this week’s newsletter, we dissect some of the recent housing price data which suggests that the property downturn is slowing, but not in every capital city. Overall though, the market seems to be settling down which is great news.
Evidence is emerging that the national housing market downturn, which began in May 2022, is slowing.
CoreLogic has reported that the nation’s median property price fell 1.0% in January – the smallest month-on-month decline since June 2022.
Meanwhile, while the national median price fell 4.1% in the October quarter, it fell only 3.2% in the January quarter.
Here’s how much prices fell in each capital city in both the three months to January and the three months to October:
Perth – January Quarter -0.1%, October Quarter -0.7%
Darwin – January Quarter -0.4%, October Quarter 0.0%
Adelaide – January Quarter -1.5%, October Quarter 0.6%
Melbourne – January Quarter -3.1%, October Quarter -3.1%
Canberra – January Quarter -3.4%, October Quarter -4.3%
Sydney – January Quarter -3.9%, October Quarter -5.3%
Brisbane – January Quarter-4.8%, October Quarter -5.4%
Hobart – January Quarter -5.5%, October Quarter -4.1%
In other words, while prices are still decreasing, they’re doing so at a decreasing rate.
Any changes in interest rates from last week are highlighted in orange.
Note – Increases announced by lenders as a result of RBA decisions normally take 1-2 weeks to come into affect.
Standard Variable
The rates below are based on a $500,000 loan, with the borrower making principle and interest payments with a loan term of 30 years. The rates quoted may vary depending on the borrowers LVR.
1 Year Fixed
The rates below are based on a $500,000 loan, with the borrower making principle and interest payments with a loan term of 30 years. The rates quoted may vary depending on the borrowers LVR. At the end of the three year fixed period, the borrowers interest rate will revert to a standard variable rate for the life of the loan.
